Colson Corp. had $700,000 net income in 2015. On January 1, 2015 there were 250,000 shares of common stock outstanding. On April 1, 30,000 shares were issued and on September 1, Colson Corp bought 40,000 shares of treasury stock. There are 30,000 options to buy common stock at $40 a share outstanding. The market price of the common stock averaged $50 during 2015. The tax rate is 40%. compute basic and diluted earnings per share for 2015